Property Valuation
In the Billings, Montana real estate market, an appraiser using the sales comparison approach would primarily:
ACalculate the cost to rebuild the property new minus depreciation
BCompare the subject property to recently sold similar properties and adjust for differences✓ Correct
CEstimate the property's income-producing potential
DUse the assessed value from the county tax records
Explanation
The sales comparison approach compares the subject property to recently sold comparable properties (comps) in the same market area, making adjustments for differences to estimate market value.
Related Montana Property Valuation Questions
- In Montana, when an appraiser concludes a property's value is $325,000 'as-is' but $380,000 'subject to completion of planned renovation,' the difference reflects:
- When appraising a Billings commercial property, 'gross leasable area' (GLA) refers to:
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- A Montana property's assessed value for property tax purposes is determined by the:
- External obsolescence differs from functional obsolescence because external obsolescence is caused by:
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- In Montana, a comparative market analysis (CMA) performed by a real estate agent is NOT the same as:
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